Russia Has a New Wheat-Exporting Champion: Its Government
- Two government-controlled companies combined exported the most
- The state has played a bigger role in grains in recent years
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For the first time ever, Russia’s government has become the biggest exporter of the country’s ever-expanding wheat crop.
The government has played a bigger role in the market after state-controlled VTB Group entered the business in 2018, spending more than $2 billion on assets including trader Mirogroup Resources, port terminals and a rail-freight operator. The move to create a domestic grain champion has increased competition with private exporters and international merchants like Cargill Inc.